Richard Suttmeier is the Chief Market Strategist at www.ValuEngine.com.

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May 12, 2011 – Sign of a Slowing Global Economy as Copper Breaks below 200-day
Copper gapped lower at Wednesday’s open below its 200-day simple moving average. This is a
significant negative technical as copper had been above its 200-day since last July. The major
equity averages began the day straddling this week’s pivots and risky levels. The Dow
Industrial Average remained shy of its weekly risky level at 12,794. The same was true for the
Russell 2000 with its weekly risky level at 868.01 and the SOX versus its weekly risky level at
448.29. The NASDAQ was above its weekly pivot at 2856, but ended the day below it. The S&P
500 and Dow Transports also reversed back below their weekly pivots at 1352.3 and 5517
respectively. The yield on the 10-Year note declined to 3.151 after the auction of $24 billion in
10-Year notes. Gold failed at my quarterly pivot at $1523.7 on Wednesday, and is trading below
$1500.0 this morning. Crude oil fell from $104.60 to below my annual pivots at $99.91 and
$101.92 on Wednesday. The euro broke below its 50-day simple moving average at 1.4299.
The Copper Chart

Courtesy of Thomson / Reuters

10-Year Note – (3.164) Still trading between my weekly value level is 3.304 and today’s risky level at
3.103, and the 200-day simple moving average at 3.070.

Courtesy of Thomson / Reuters

Comex Gold – ($1502.2) Daily and semiannual value levels are $1459.6 and $1452.6 with my
quarterly pivot at $1523.7and weekly risky level at $1536.8.

Courtesy of Thomson / Reuters

Nymex Crude Oil – ($99.09) My daily value level is $94.03 with my annual pivots at $99.91 and
$101.92 with my semiannual risky level at $107.14.

Courtesy of Thomson / Reuters

The Euro – (1.4201) My daily pivot is 1.4193 with my quarterly pivot at 1.4308, and semiannual risky
level at 1.4624. The euro is now below its 50-day simple moving average at 1.4299.

Courtesy of Thomson / Reuters

Daily Dow: (12,630) The five-week modified moving average is 12,427 with a daily pivot at 12,582,
and weekly risky level at 12,794. My annual value level lags at 11,491. A close below the 21-day
simple moving average at 12,548 would be bearish.

Courtesy of Thomson / Reuters

S&P 500 – (1342.1) YTD high – 1370.58 on 5/2. My daily value level is 1331.5 with a weekly pivot at
1352.3, and the October 2007 high at 1576.06. The 21-day is 1337.8.
NASDAQ – (2845) Multi-year high – 2887.75 on 5/2. My daily value level is 2811 with a weekly pivot at
2856, and the May 2nd high at 2887.75. The 21-day is 2816.
NASDAQ 100 (NDX) – (2393) Multi-year high – 2417.83 on 5/2. Daily and weekly value levels are
2381 and 2380 with the May 2nd high at 2417.83. The 21-day is 2367.
Dow Transports – (5457) All time high – 5565.78 on 5/2. My annual value level is 5179 with daily and
weekly pivots at 5422 and 5517 with the May 2nd high at 5565.78. The 21-day is 5380.
Russell 2000 – (840.66) All time high – 868.57 on 5/2. Daily and annual value levels are 817.84 and
784.16 with weekly and quarterly risky levels at 868.01 and 949.02. The 21-day is 840.62.
The SOX – (440.89) My daily value level is 434.20 with weekly and quarterly risky levels at 448.29 and
498.75. The SOX is well below its July 2007 high at 549.39. The 21-day is 439.36.
Richard Suttmeier Speaking Event – The Executive Forum at the National Arts Club in NYC
I will be discussing why “The Great Credit Crunch” continues. The event is on Tuesday, May 17th at
The National Arts Club, 15 Gramercy Park South (E. 20th St.) Cocktails 5:45 PM, Dinner 6:30 PM,
Presentation 7:30 PM. Use this link to register - http://www.execforumnyu.org/events.html
Definition of MOJO – This is my term for technical momentum. I use what’s called “12x3x3 slow
stochastic readings” from daily, weekly and monthly charts. The scale is zero to 10.0 where above 8.0
is overbought and below 2.0 is oversold.
Richard Suttmeier
Chief Market Strategist
ValuEngine.com
(800) 381-5576
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